Baltic index down on muted capesize demand; falls 6% this week
The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, declined on Friday for a seventh consecutive session as losses in the capesize vessel segment continued.
The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 19 points, or 0.8%, to 2,312 points. The index has fallen 6.1% this week, its first weekly loss in five weeks.
The capesize index dropped 65 points, or 1.4%, to 4,547 points, marking its seventh straight session of losses.
The capesize index fell 8.1% this week, marking its first weekly loss in five weeks.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $438 to $33,996.
The panamax index edged four points higher, or 0.2%, to 2,133, snapping a six-session losing streak.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $26 to $17,077.
The supramax index inched down six points to 1,299.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru)